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UBS – Another Tax Fraud Trial on the Horizon
France's top court brings UBS back into the dock.
UBS was found guilty of offering illegal banking services and money laundering in 2019.
The court upheld the guilty verdict but struck down penalties, ordering a new trial.
Wednesday, 22/11/2023 | 08:57 GMT
by
Louis Parks
Retail FX
News Nuggets | 7 November: Acuity Adds New MT Feature; eToro Presents SpaceTech Portfolio
Also, Travelex appoints a new Global Retail Director; Broadridge introduces AI-enabled tools.
Read today's FX/CFDs, crypto and fintech sectors' dynamic news.
Tuesday, 07/11/2023 | 10:31 GMT
by
Damian Chmiel
Institutional FX
UBS Posts $29 Billion Q2 Profit Induced by Credit Suisse Takeover
UBS will absorb the domestic banking unit of Credit Suisse.
It is planning to save up to $10 billion by 2026.
Thursday, 31/08/2023 | 07:01 GMT
by
Arnab Shome
Institutional FX
UBS to Shell Out $1.4B over Fraud Claims Related to 2008 Financial Crisis
The Swiss bank giant did not admit to any wrongdoing.
The DOJ previously settled with other top banks, such as Nomura, RBS and Barclays.
Monday, 14/08/2023 | 20:59 GMT
by
Solomon Oladipupo
Institutional FX
Swiss Lawmakers’ Probe of Credit Suisse Crash to Kick Off This Week: Report
The lawmakers formally agreed to create an investigative commission in early June.
Credit Suisse was a troubled banking institution before its collapse in March.
Tuesday, 11/07/2023 | 15:07 GMT
by
Solomon Oladipupo
Executives
Credit Suisse’s Execs in Israel Move to Swiss Private Bank EFG: Report
The CEO of UBS recently warned about major job cuts at CS' investment banking division.
Meanwhile, some top Credit Suisse executives exited after the UBS takeover.
Tuesday, 27/06/2023 | 15:01 GMT
by
Solomon Oladipupo
Institutional FX
UBS' CEO Suggests Massive Job Cuts Loom for Credit Suisse's Investment Banking Division
The decision is explained by the need to reduce costs.
However, UBS does not provide exact figures.
Monday, 19/06/2023 | 10:33 GMT
by
Damian Chmiel
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Retail FX
News Nuggets | 12 June: Nasdaq to Acquire Adenza; A16z's London Office
Opensee names new COO; UBS changes Credit Suisse leadership.
Read today's FX/CFDs, crypto and fintech sectors' dynamic news.
Monday, 12/06/2023 | 10:43 GMT
by
Finance Magnates Staff
Institutional FX
UBS Completes Credit Suisse Takeover
The complex takeover was completed in three months.
The merged group now has a balance sheet of $1.6 trillion and assets of $5 trillion.
Monday, 12/06/2023 | 07:29 GMT
by
Arnab Shome
FinTech
Switzerland Gives $10B Loss Guarantee to UBS for Credit Suisse Takeover
The guarantee covers a specific portfolio of Credit Suisse worth about CHF 44 Billion.
The Swiss government mediated UBS' emergency acquisition of Credit Suisse in March.
Friday, 09/06/2023 | 16:20 GMT
by
Solomon Oladipupo
Institutional FX
UBS Expects to Close Credit Suisse Merger by Next Monday
Credit Suisse shares and ADS will delist following the merger.
Credit Suisse shareholders will receive one UBS share for every 22.48 shares held.
Monday, 05/06/2023 | 06:49 GMT
by
Arnab Shome
Institutional FX
Swiss Lawmakers Want to Cap UBS Assets Following Credit Suisse Takeover
Legislators say the huge amount of assets owned by UBS is a threat to the country.
The lender's assets doubled the size of Swiss GDP after the Credit Suisse acquisition.
Tuesday, 30/05/2023 | 14:29 GMT
by
Jared Kirui
Institutional FX
UBS' Q1 Profit Dips 52% due to an Increased Legal Provision
The bank sided $665 million for litigation fees.
Its wealth management unit added $28 billion in new funds.
Tuesday, 25/04/2023 | 08:54 GMT
by
Arnab Shome
Institutional FX
Credit Suisse Loses CHF 1.3 Billion in Q1 2023, Resigns From Klein Takeover
The controversial write-off of CHF 15 billion AT1 bonds resulted in a one-off profit.
However, the adjusted results showed a loss of CHF 1.3 billion.
Monday, 24/04/2023 | 06:23 GMT
by
Damian Chmiel
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Institutional FX
Swiss Lawmakers Reject CHF 109B Guarantee to Credit Suisse
The voting was symbolic as it could not overturn the state's decision.
Lawmakers are now questioning the country's emergency laws.
Wednesday, 12/04/2023 | 08:03 GMT
by
Arnab Shome
Institutional FX
UBS Slashes 36,000 Jobs Following Credit Suisse Takeover
UBS leads the layoffs in the finance and technology sector.
The massive job cuts started in October 2022.
Wednesday, 05/04/2023 | 08:28 GMT
by
Damian Chmiel
Op-ed
FinTech
Op-ed
The Fall of Credit Suisse Gives Wings to PSD2
The directive that regulates the field of electronic money institutions is the cornerstone of open banking licensing.
The collapse of Credit Suisse has similar indicators in the US to Silvergate and Silicon Valley Bank.
Tuesday, 04/04/2023 | 08:26 GMT
by
Ella Rosenberg
Retail FX
News Nuggets | 3 April: GMO's New Investment; Komainu Enhances Custody
Also BMLL, Swiss probe and new industry executive moves.
Read today's FX/CFDs, crypto and fintech sectors' dynamic news.
Monday, 03/04/2023 | 09:47 GMT
by
Finance Magnates Staff
Institutional FX
Swiss Prosecutors Probe UBS and Credit Suisse Merger
The federal prosecutors are concerned about any criminal breaches.
The Swiss government backed the acquisition.
Monday, 03/04/2023 | 06:59 GMT
by
Arnab Shome
Op-ed
Retail FX
Op-ed
Previous Restructuring May Minimise Impact of Credit Suisse Sale on FX Market
Traders Looking for Pointers on Euro Prospects Following UBS Acquisition.
Swiss Franc Expected to Retain Safe Haven Status.
Friday, 31/03/2023 | 13:23 GMT
by
Paul Golden
Executives
Ex-UBS CEO Is Back after 2 Years to Lead the Credit Suisse Takeover
Ermotti replaces Hamers and returns after a two-year break.
Hamers embraced the change and wanted to "serve the interests of the new combination."
Wednesday, 29/03/2023 | 06:46 GMT
by
Damian Chmiel
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Institutional FX
German Crisis? Deutsche Bank Shares Plummet amid Spike in Default Insurance
The German bank's shares plunged 15 percent on Friday.
It came after the bank's credit default swaps jumped higher.
Friday, 24/03/2023 | 11:26 GMT
by
Arnab Shome
Institutional FX
UBS-Credit Suisse Deal Brings Havoc to Global Markets
FINMA decided to write off the $17 billion AT1 bonds of Credit Suisse.
Saudi National Bank Lost up to $1.2 billion from the deal.
Monday, 20/03/2023 | 11:05 GMT
by
Arnab Shome
Institutional FX
UBS Agrees to Buy Troubled Rival Credit Suisse for CHF 3B
UBS will pay CHF 3 billion and assume up to $5.4 billion in losses.
The deal is expected to close by the end of 2023.
Sunday, 19/03/2023 | 21:52 GMT
by
FM Contributors
FinTech
UBS Posts Net Profit of $7.6 Billion in 2022
UBS posted US$1.9 billion in profit before tax in Q4 2022.
Total revenue decreased YoY in three out of four UBS business divisions.
Tuesday, 31/01/2023 | 18:34 GMT
by
Solomon Oladipupo
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